Category: Business

Volkswagen said on Wednesday it would further cut car production at its main plant in northern Germany due to a shortage of semiconductors that has hit the industry worldwide. Staff producing the Tiguan, Touran, and Seat’s Tarraco models at its Wolfsburg site will work reduced hours, the group said in a statement. Production of its […]

Asset manager BlackRock Inc said in a memo on Wednesday that co-founder Barbara Novick will retire from her role as vice chairman next month. Novick was set to leave the firm last year but reversed her decision to retire after the COVID-19 pandemic roiled financial markets. The Wall Street Journal reported Novick’s retirement earlier in […]

Major U.S. insurers on Wednesday decided to suspend contributions to political campaigns for the next few months, following last week’s violence at the U.S. Capitol and challenge to President-elect Joe Biden’s victory. Chubb Ltd,one of the world’s largest insurers, MetLife Inc, Liberty Mutual Insurance and Travelers Companies Inc joined a host of companies that are […]

Citigroup Inc on Wednesday named Shahmir Khaliq as its head of Treasury and Trade Solutions (TTS) effective immediately, according to a memo sent to Reuters by a company spokesperson. Khaliq, who was the head of Operations and Technology at TTS, has also served as the company’s global head of Direct Custody & Clearing within Markets […]

The U.S. State Department this month told European companies which it suspects are helping to build Russia’s Nord Stream 2 gas pipeline that they face a risk of sanctions, a spokesperson confirmed on Wednesday, as the outgoing Trump administration prepares a final round of punitive measures against the project. The State Department reached out to […]

EU antitrust regulators have cleared the London Stock Exchange’s $27 billion acquisition of data company Refinitiv, subject to a number of conditions including the sale of its Borsa Italiana operations. The European Commission, which oversees competition policy in the 27-nation European Union, said on Wednesday that the purchase had been approved after its investigation found […]

Treasury yields fell on Wednesday after Federal Reserve officials steered clear of tightening monetary conditions anytime soon despite expectations of higher inflation, while stocks and the dollar edged higher. The U.S. benchmark yield was on track to post its first full-session decline in 2021, even as a jump in gasoline prices pushed inflation higher last […]